Which of the following is a false statement?
A limited liability company in the U.S. offers the limited liability of a corporation.
A limited liability company must be formed in accordance with uniform federal law in the United States.
In some states in the U.S., one-member limited liability companies are permissible.
Unless otherwise agreed, the members of a joint venture share profits and losses equally

1-Which of the following is a true statement?
A. Contractual capacity is not needed for the principal in a principal-agent relationship.
B. One characteristic of independent contractors is that they can never also be agents and thus enter into contracts on behalf of a principal.
C. Even when an employee is an employee at-will, statements made in the employer's policy and procedure manual may give employees implied-in-fact contracts right that limit the circumstances under which the employer can discharge the employee.
D. A power of attorney requires that the agent with the power be an attorney licensed by at least one state bar association as well as the federal bar association

2-Which of the following are required elements to the common law tort of negligence?
a. Duty and breach of duty
b. Factual and proximate (also called legal) causation
c. Damages
d. All of the above.

3-Under Article II of the UCC a seller may not
Withhold delivery
Seize the good back on his or her own
Stop delivery in transit
Sell the goods

4-Which of the following is a true statement?
A. A promise that contains a condition that must be met before the promise is binding is known as a covenant-not-to-compete.
B. In a condition subsequent, the duty of performance is discharged upon the failure to meet a condition after the duty to perform has already arisen.
C. An accord and satisfaction cannot discharge a contract.
D. The doctrine of commercial impracticality allows the discharge of a contract only if it is actually impossible to perform the contract.

5-The elements of a valid contract are:
a. Mutual agreement and consideration
b. Capacity and legality
c. A writing if the Statute of Frauds applies
d. All of the above.

6-If a corporation is properly incorporated in one state and wants to do business in a second state, the corporation2-Which of the following contracts is not required as a general rule to be in writing under the Statute of Frauds?
A contract to be performed in less than one year.
A contract involving the sale of land.
A contract for the sale of goods over $500.
A guaranty contract to pay someone else's debt if they fail to.

7-A law passed by a state to give its courts jurisdiction over persons and businesses located in other states in known as:
Total jurisdiction statute.
Venue statute.
Long-arm statute.
In personam statute.